Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.
President Obama touted the facility only a year ago.
The federal government offered $535 million in low cost loan guarantees from the Department of Energy. NBC Bay Area has contacted the White House asking for a statement.
Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.
Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said “it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. ”
It was never about making anything but money from government guaranteed loans and subsidies. The principles raked their share off the top and did not go public and risk an ENRON scenario. Green enterprise is about money flow! Fueled by morons like Bambi!
..you know
If our president had ever had a job, he might have seen some of that coming
So a company opens a factory with government subsidies, manufactures a product that no one can afford without government subsides, and said product often has a pay-back period longer than the expected lifespan of the product. This is the ‘green’ economy of the future? Yeah, that’s the ticket!
I think you have “hit the nail on the head” as they say.
“it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. ”
Dya think Obama will ever enter the real world?
Anyone thinking there are green jobs lives in a fantasy world. Sure there are jobs administrating the money, but there are no jobs to be had in the green industry. Just govt. payola.
Geez, I shouldn’t have a job and I try to be productive!
There has never been a losing proposition that “progressives” won’t blow the tax payers’ money on.
One of the reasons Obama gave for spending 535 million of our dollars on this boondoggle, was that this company would create 1000 new jobs. That works out to $535,000 per new job. Let’s say the average pay per job is $50,000. We would have been better off just giving those 1000 people $50,000 per year for a decade, to do nothing.
25% or more of that goes in the pockets of the principles on the project and a portion is raked off the top for “Political Donations”!
You know Gator, this is the crux of the problem: our government, actually any government, is like a leech. You just move it around. Conservatives move it to the big toe; liberals move it to the jugular. We obviously need a government to establish some sort of order (you will drive on the right/left side of the street) and to invade other countries/defend from invasion from other countries; but outside of that, everything they do is fodder for comedians. As far as business, they really should leave that to businessmen else risk showing up on late-night TV comedy shows!